Learn how to manage organization bank account information in GivingData. This feature is available to Pro and Enterprise clients.
To facilitate making electronic payments to grantees, GivingData provides tools to assist users in the gathering and management of banking information. The tool allows for the storing of ACH, direct wire, and wire via intermediary bank account information.
Organization Record
If a user has the appropriate permissions, they will see a Bank Accounts tab on each organization record.
The user can click that tab to see what (if any) bank accounts are stored for that particular organization. If the user also has permission to manage bank accounts, they will have the ability to edit the data stored on a bank account and to add new bank accounts for the organization.
GivingData places constraints on the values entered into specific bank account fields to maintain data integrity. For example, the Routing Number field must have nine digits entered before GivingData will accept it. Both the Bank Account Number and Routing Number must be typed in twice (and match both times) before the account can be saved.
Request/Payment Record
On the Payments tab of a request record, users will see an option to assign a Default Method of Payment for the request.
The user will then see a list of all available methods of payment for that particular grant and can choose the appropriate one. They will then be prompted to decide if that method of payment should also be applied to unpaid payments on the request. If yes, all payments will automatically adopt the method of payment chosen for the request.
Users can also assign methods of payment/bank accounts on a payment-by-payment basis.
Setup
To set up bank account management in GivingData, in Settings → Payments, set the “Require Bank Account Verification Before Setting Payments as Paid” to either Yes or No. If set to Yes, a user must set the “Verified?” field on the Bank Account record to “Yes” before the payment status can be changed to Paid. If this setting is set to No, the payment status can be changed to paid regardless of what the value is on the Bank Account “Verified?” field.
Second, also in Settings → Payments, there is a section called “Methods of Payments.” Each foundation can define their own methods of payment. If a particular method of payment should have a bank account associated with it, a “Bank Account Purpose” should be assigned from GivingData’s predefined choices.
To add bank account collection to an Intake Entry template, first click “Add a New Field” at the bottom of a page while in Edit mode. Under Mapped Field Types, select “Bank Account.”
In recognition that foundations and their banks may require different information, GivingData allows each client to determine which fields from the Bank Account modals the grantee can see, and of those, which are required.
To set the visibility of fields and whether they are required, click the gear in the top right corner of the screen of the intake entry editor. Then, select “Manage Bank Account Settings.”
For each type of bank account, users will see a summary of how many fields are enabled for use in the Grantee Portal and how many are required.
To adjust which fields are enabled and required, click “Manage Settings” for any of the bank account types. These settings will automatically apply to all forms where that bank account type has been mapped.
Security
In order to prevent fraud and unauthorized access of sensitive bank account information, GivingData has implemented some specific security measures. These include:
- Bank account numbers are encrypted before they are stored in the database, using the RSA encryption algorithm with a 2048 bit key. As a result, if someone gained access to the database, they would not be able to decrypt the bank account numbers without a password.
- Even if a GivingData user has the “Manage Bank Account” permissions they are unable to make any edits to a bank account as soon as that account has been associated with a payment record.
- Once a payment’s status has been set to Paid, the bank account associated with a payment cannot be changed to another bank account on file for that organization. Additionally, users cannot make any changes to the Method of Payment once a payment has been set to Paid.